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Investment in Securities
 9 Months Ended
Sep. 30, 2015
Investment in Securities [Abstract]  
Investment in Securities

Note 11 – Investment in Securities

Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company's investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:

  September 30, 2015
    Gross   Gross  
  Amortized   Unrealized   Unrealized  
(In thousands)   Cost   Gains   Losses   Fair Value
State and political subdivisions   $ 347,721   $ 10,762   $ 76   $ 358,407
Certificates of deposit   4,746   —   —   4,746
       Total   $ 352,467   $ 10,762   $ 76   $ 363,153

  December 31, 2014
    Gross   Gross  
  Amortized   Unrealized   Unrealized  
(In thousands)   Cost   Gains   Losses   Fair Value
State and political subdivisions   $ 338,469   $ 14,120   $ 198   $ 352,391
Certificates of deposit   3,750   —   —   3,750
       Total   $ 342,219   $ 14,120   $ 198   $ 356,141

The fair values of securities with unrealized losses are as follows:

  September 30, 2015
  Less than 12 months   12 months or more   Total
  Estimated   Unrealized   Estimated   Unrealized   Estimated   Unrealized
(In thousands)   Fair Value   Losses   Fair Value   Losses   Fair Value   Losses
State and political    $ 19,339   $ 57   $ 1,206   $ 19   $ 20,545   $ 76
subdivisions                                    
Certificates of deposit   —   —   —   —   —   —
       Total   $ 19,339   $ 57   $ 1,206   $ 19   $ 20,545   $ 76

  December 31, 2014
  Less than 12 months   12 months or more   Total
  Estimated   Unrealized   Estimated   Unrealized   Estimated   Unrealized
(In thousands)   Fair Value   Losses   Fair Value   Losses   Fair Value   Losses
State and political    $ 8,700   $ 15   $ 13,833   $ 183   $ 22,533   $ 198
subdivisions                                    
Certificates of deposit   —   —   —   —   —   —
       Total   $ 8,700   $ 15   $ 13,833   $ 183   $ 22,533   $ 198

There were 16 securities, or 5% of the total (one greater than 12 months), in an unrealized loss position as of September 30, 2015. There were 20 securities, or 6% of the total (12 greater than 12 months), in an unrealized loss position as of December 31, 2014. All unrealized losses were reviewed to determine whether the losses were other than temporary. Management believes that all unrealized losses are temporary since they were market driven, and it is more likely than not that the Company will not be required to sell prior to recovery of the amortized basis.

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

  September 30, 2015
(In thousands)   Amortized Cost        Fair Value     
Due in 1 year or less   $ 24,170   $ 24,432
Due after 1 year through 5 years   77,390   80,845
Due after 5 years through 10 years   139,950   145,190
Due after 10 years   110,957   112,686
       Total   $ 352,467   $ 363,153

Proceeds from sales of investment securities classified as available for sale were $33,395,000 and $587,000 for the three months ended September 30, 2015 and 2014, respectively, and were $99,347,000 and $587,000 for the nine months ended September 30, 2015 and 2014 respectively. Gross realized gains were $1,271,000 and $23,000 for the three months ended September 30, 2015 and 2014, respectively, and were $2,910,000 and $23,000 for the nine months ended September 30, 2015 and 2014 respectively. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at September 30, 2015.